The Chinese government is making another tightening.
Tiktok app owner ByteDance recorded slow growth for 2021 with total revenue only increasing by 70% year-on-year (y-o-y) at around US $ 58 billion.
In comparison, in 2020 ByteDance recorded 100% revenue growth at US $ 34.3 billion while in 2021 its revenue growth only jumped 70%.
In addition to ByteDance, other Chinese technology companies are also affected by the policy of tightening regulations on large technology companies implemented by the government to control the way they operate and interact with consumers.
Tencent recorded the slowest 3rd quarter growth since it was announced in 2004.
According to a report by a researcher at Interactive Marketing Lb Zhongguancun, ByteDance remained in 2nd position in the Chinese online advertising market last year with a market share of 21%.
The report added that, overall, online ad sales growth in China declined 9.3% in 2021 from 13.8% in 2020.
In summary, ByteDance is one of the largest private companies in the world with trading in its private equity secondary market at US $ 300 billion.
Following antitrust efforts undertaken by Beijing, ByteDance has restructured its business with its founder Zhang Yiming resigning as chief executive officer.
